#396 Fraser Jack – Transcript

James Wrigley
Hello, welcome back. Thank you for joining me. I’ve got Fraser Jack with me here today, Fraser, thank you have a role reversal. I think the very first podcast that I was a guest on was was was with you a few years ago.

Fraser Jack
There you go now you’re the host. How cool is that?

James Wrigley
Role Reversal? I’m the host. You’re the guest. Thank you for joining me. We’re just saying before we press record there that I suspect anyone listening to an Ensombl podcast has probably come across you at some point, whether whether online whether whether another podcast of yours that you’ve had different ones over the years. But maybe tell us a bit about your journey. We’re going to talk about video SLA is the topic for today. But your journey and advice before we get before we get to that, where have you been? Yeah, my

Fraser Jack
journey advice started pre financial services reform back in, in 2000 2001. So I want to see all the changes that that went through in that space. I have my own advice practice for about 13 years. And sold that. So that sort of around 2014. And, and yeah, I’ve been working in advice, tech and REG tech and cybersecurity since then. But yeah, certainly spent 13 or 14 odd years writing my own SOA, so I’m well equipped of what’s inside of the state of advice. So you and I have spoken obviously about statements of bias in the past. So yeah, pick a good opportunity to come and chat about man.

James Wrigley
Yeah, so 1314 years of running your own business how to add you must have enjoyed it for a while because it’s a that’s a decent stint. It’s something that you

Fraser Jack
I definitely did, I definitely did enjoy it. And I’m what I really enjoy is that the client advisor relationship, I think that’s a really, really cool pile of advice. The relationships you form with your clients, the the levels of trust that they go to helping them out when they need it, whether it be claim or, or through difficult moments in their life, giving them something to look forward to all these sorts of things that are really, really great about advice. Definitely, I had many parts I loved, it was probably a few parts I didn’t love as well and what I started with, hence the reason I sort of sold my practice, but But yeah, you know, lots of great parts and lots of great communities to involved, obviously, the Ansible community. I did a lot with the AFA community back in my day with the GenNext. So yeah, it’s definitely definitely good relationships with other advisors around as well.

James Wrigley
Yeah, you’ve you’ve definitely so what’s that getting onto not nearly 10 years ago, now that you’ve definitely kept. You’ve definitely kept kind of your fingers involved in in that financial advice space as much as he might not be advising today, but different podcasts who had commented on AFA work, they’re doing some doing a little bit with the FPA. At the moment. We you know, I was in a session of yours just the other week, down here in Melbourne. So you’ve you’ve kept pretty close ties connections with the advice community, that’s for sure.

Fraser Jack
Yeah, I feel like, I feel like it’s That’s exactly right. It’s about, again, if we go back to that advisor, client relationship, everything sort of been about that. When I left advice that my frustrations were around technology, the the slow uptake of technology. How can you do things for a client that a client can have a better, you know, client experience? There was lots of things going back, you know, going back then 10 years, that that I thought could be sold and fixed. And I’ve sort of divided my time, I guess, trying to fix and solve those things. And I feel like I’ve got some way towards it. But there’s also somewhere to go, I guess.

James Wrigley
Yep. Yep. So the the, I guess the big thing that you seem to be working on at the moment you’ve been doing some work with the FPA around are enrolling at a video is Hawaii process No. I sat through your your session down here in Melbourne as I said the couple of weeks a couple of weeks ago. And and I went into that at home listen to a couple of you need done some interviews with Cory and some other bits and pieces around. I hadn’t watched any of the FPA videos I went into there to kind of dive into it. And a video SLA wasn’t isn’t a isn’t what I thought a video SLA was an ANA suspect that’s probably the same for most people in the advice space. Can maybe if we start off by explaining what is a video is Hawaii.

Speaker 2
Yeah, yeah. And I guess I have to put my head up and take some of the blame here because we have been merchandise. First put this together. We thought it’s it’s a video of the statement of advice, which it is eventually. But what we failed to sort of do and you have to put my head up and take some responsibility here is we didn’t explain it well enough for the advice community to go off course that’s what it is. And so what I do now is explain it as a recording of the advice conversation Which of course recording means, you know, recording the video. And the end product is the client, you know, went through the invoice conversation, and they have a copy of the conversation or a copy of the video. So

Fraser Jack
when you do that most people go oh, yeah, now Now I get it. But then how do I do that? You know that next part? So? Yeah, it’s definitely, it’s definitely, as you’ll probably attest to quite a simple process, quite a simple thing. It’s not really that complicated, especially for all of us that did plenty of teams meetings and zoom meetings over COVID or before COVID For a lot of advisors and a lot of people that have been recording conversations or recording their, their their advice, conversations already, those people go, Oh, I kind of already do that. Now. All I have to do is do the structure. And I’m doing video SOA. So yeah, it had this thing about it. I think that people thought I don’t have to record a video that doesn’t save me any time than, you know, producing a paper version. So, so many questions that come back over the past couple of years. They’ve been and I’ve been working on this. And, and and yeah, I’ve heard plenty. And I’ve got lots of rebuttals for all of the questions.

James Wrigley
The what, what’s what started in the first place? So where did the idea to go down this journey of a video SLA project? We didn’t even start?

Speaker 2
Yeah, it started back in where we I did some work with with the FPA on digital advice. And how do we then digitize advice and make it simpler, using advice tools and software, which is really cool. But all the time sitting in G 175. Was this this one sim 5.168 line that talked about? You can statement advice can be notes of the conversation that already took place, eg via telephone, that opened the door for a lot of firms were doing, you know, recorded phone calls, and they want to do telephone advice in that scoped way. But all the time, the legislation was already there, or the rig guides were already there in place to talk about the fact that this can be done. And so we said about this, this idea of how do we then, you know, record a conversation, record the video, you know, without changing any of the regulatory requirements, because obviously, that’s a you know, as we know, that’s a long and slow process. And without having to introduce really any new technology to say, you know,

Fraser Jack
if advisors are already using a particular type of technology to, to model or to do projections, or to Will you know, to How’s their data without using new technology or changing legislation? Could this be done? And we just went? Well, of course it can. And so we the first stage in the process was really engaging ASIC on in the conversation going, Hey, we’ve got this idea. What do you think of it? Their response was, yeah, well, that’s, you know, so long as you’re, their big thing is obviously they weren’t quality advice provided to consumers, they want consumers to be protected. And so they’re in, you know, through a few other things, obviously, but, but they their advice was, yeah, if you, if you’re providing good advice, and you’re doing, don’t use that good advice, word, but if you’re providing quality, financial advice, and you’re doing it in a way where the consumers understand the information, and they and they’re informed, and then they can make a reasonable, you know, reasonable decision based on the information that they’ve been given, then then absolutely can be done. So yeah, the first step was engaging ASIC and then this, the next step after that was to take them out to planets.

James Wrigley
The Who, that’s interesting, that’s a good point to make here. You mentioned ASIC a couple of times there that that ASIC has been involved in this it’s not as if it was you or Ben or, or anyone else that’s kind of just run off on your own. The people that are ultimately gonna be you know, hitting you over linear with a stick if you’ve done something wrong, they have been involved in in the process of getting to where you’ve actually gotten to with this whole project and you’ve been rolling out so that it’s good to be part

Fraser Jack
yeah, and the and the and the other really yummy. You know, the the ombudsmen type stuff, you know, you talk about the Africans of the world, they’re there. They listened to a lot of recordings already, because obviously, a lot of complaints that come through could be a complaint from an institution and that institution records all their phone calls. And so they’re, they’re very much used to listening to conversations and actually, they find those very quick, quick to make determinations because they can instantly hear what happened the tone of the voice, a conversation that took place if disclosures Word or Word made, if close did or didn’t understand, it’s pretty quickly to make a determination when there’s a phone call recorded. And so they actually find recordings more helpful then, you know, one, one side of the story put written on paper and then another side of the story written on paper and then it’s who said They said, We said the scenario, and then they got to try and determine who was more right than the other. And so, you know, the recordings certainly helped them in their journey. And so they were very much around the same time. But you know, like, it’s great record, the conversation will know straightaway, if it’s a complaint, or if it’s not

James Wrigley
perfect. And so we’re just in the very early stages of trying to roll out a video project, he added a video, I saw a project here, which is sort of a meeting earlier this morning on it. And then we’ve had allocated some time. And I think we quickly realized that, that it’s bigger than the time that we had allocated to, to do so you mentioned this, but the way that I’ve been describing it to people in and around around the business here, because we’ve done like a lot of businesses because of COVID. We do a lot of video meetings. And so we’re gonna we’re presenting advice via video. But that’s a 60 Odd page PDF document. But the way that I’ve been describing it to people around here is that, that if I say the right words, and if I record that conversation, then that is my statement of advice. The client at the end could say Thank you, James, I accept your recommendations of of that advice. And then off we go. It this isn’t, this is a, I wanted to kind of emphasize the point for anyone that might be listening, because it’s been, it’s something that we had to kind of jump over. For the lot of advisors here, this isn’t about generating a document, some written document that your paraplanners done. And then presenting that and recording you presenting that 60 Odd page document. This is scrap your 60 page document, have some other prompts. In this, you’ve built a PowerPoint presentation, which is really helpful. But but if you have the right format and your family say the right words, that is my statement of advice, that is my file, note, that’s my everything, I’ve got that recording of saved somewhere, can provide that to the client. And that becomes my video. It’s a lie.

Fraser Jack
Yeah, I love the word statement of advice, because I say you’re stating, often the client expects you to state the advice to them in the meeting anyway, you’re stating it as in using words and language and body language and all these other things in the meeting. It’s not a document of advice, don’t call it a document of advice, you never call it a statement. And so you can actually state those words, as you said, out of your mouth in a way that the client will understand and that the client, let’s face it, you’ve got different clients sitting in front of you. So if you’ve got somebody who’s quite analytical, like, you might

Speaker 2
have maybe a legal background, you will say things in a different way than if they were trading, right. And so you’ll explain things depending on their literacy level, and a different way, depending on all these other things. So, so I think, I think you adjust, you naturally adjust the way you say things to the person who’s sitting in front of you, or the people that are sitting in front of you, because especially when there’s more than one person sitting in front of you, because you’re trying to work out who knows more than the other and, and bring both both people in the conversation along on the journey, you know, with you. So make sure that they all understand the information. So, you know, I love the conversation around the this challenge that says if you weren’t allowed to put any words on paper, as a rule, how are you going to demonstrate that advice to your clients, and then we know the SOA has certain,

Fraser Jack
you know, points that you need to hit, you know, you need to talk about, you know, the reasonable basis for your advice, which is their existing current position. And you might want to get it, you know, you might want to get them to confirm that position is correct, etc, before you go and make any projections, because they might be wrong. letting somebody know what the scope of today’s conversation is going to be about that you’re focusing on this and not that pretty helpful in a conversation that again, doesn’t have to go into that big written long document, but you can explain it in a way that their client understands it.

James Wrigley
There was a there was a an advisor in in the in the grift. That was that we had a couple of weeks ago, and she spoke about she had some new client coming in this is a you know, from a few years back. And for whatever reason they had like a computer just completely died the advices on her computer, she was going to connect it to the screen or whatever in them. And the meeting and the whole thing just disappeared. There’s nothing that she could do about it. The client was like five minutes away, and walked into the meeting and delivered the advice verbally to her without anything without anything or on a on a piece of paper. And the client said I know that was fantastic. We’d much rather have that way then it’s all documented. She’s obviously followed up with the whole document to make sure that she had covered herself properly. But yeah, she shared a story of that she didn’t in a way she’s done a she’s done a video SOA, before we were talking about doing it now.

Fraser Jack
So yeah, and if I talk about the client experience that the client loved that experience because they it’s generally what they remember. And then if you ask the client, any clients what they remember about the advice you’ve provided them, it’s probably the things that you said, and if they can be in that Reading in there. And in, you know, part of the the processes, obviously, we ask the client to deliver that strategy back to us in their words. And if that’s the case, and they’re saying the advice, they understand it better, and there might be explaining it to one another, if it’s a couple. And yeah, just just being able to say that they will remember what you say they’ll, if they say it themselves, they’ll remember it even better from an adult learning perspective. What’s in the document tend not to be remembered that much anyway. And then they’ve got the video recording of you saying it, and then seeing it to be able to go back and watch.

James Wrigley
So so if the case if the end goal in this video, so a process that different advisors might be undertaking at the moment is to be able to deliver advice like this, you know, a statement of the advice is coming from, from my mouth. What are the building blocks? Or what for someone that’s just thinking, wow, this is a great idea. How do I actually do that? Where am I starting? My first interaction with the client? Where am I starting in this in this process? What should I be doing?

Fraser Jack
Yeah, well, we will probably start with the fact that one, don’t change your advice process to start with, just keep your advice process as is without trying to confuse anything.

Speaker 2
And just start recording everything. So record your record your meetings, of your discovery meeting and any strategy meetings you might have, record them all, record the video, the statement of advice meeting, without changing anything, still do it the way that you do it. Just record everything. And then if you hit the points within, you know what, what the points are required, in a statement of advice in the conversation, your actual video recording could be a statement of advice. And so we use an agenda for that process, you know, to be able to make sure you hit the points. But if you go back to the beginning, in, you’re recording your needs analysis meeting or your discovery meeting, or your goals meeting, or your investment philosophies, and all those sorts of things that you have with the client, and give them a copy, that’s a really, really good way of starting the process, just hit record and let them know that you’re recording the meetings, and you can have a copy. So everything’s transparent. Or that if they’ve been not sure of anything, they can go back to the recording. And just get into that, I think that’s the very first easy step in the process, then understanding and obviously, we provide an agenda, which makes sure that you hit the points that you can go and change your agenda. But, but also, you use a lot of software, and either use a software, for example, to store your client data. And that could be their current position. And you could pull up that page and say, just confirming these details are correct. And they might look at that and go yep, they’re correct. And then you might pull up a, you know, something else that talks about the scope or the strategies that you’re using, or how that how the strategies you’re using now helps them meet their needs objectives or their goals, you might pull up a

Fraser Jack
modeling software that provides an outcome, you might pull up a quoting tool that you’ve used, or some research, you know, some research software that you have. And you can actually demonstrate to those clients using that software. And if you are sharing your screen on a zoom, or you’re sharing a screen on a team’s and you’re recording their conversation, then what you’re showing the client is recorded, as well as them. Their voices, you know, might be small, small fighters or them, thumbnails of them in the corner of the video watching and nodding along. But that’s a demonstration of them listening in. It’s a demonstration of them, making nodding their head is a good little demonstration of understanding authorities to proceed along the way all are all brilliant, because you’re saying right, so this is the scope and the okay with that? Yeah, can we move on? Yes, move on, you know, like, giving them giving them the agenda upfront and saying this is what all the things we’re going to cover in today’s meeting. And then making your way through those points, which just happened to be the points that you’re required to provide in the statement of advice. It seems like, to me, it’s a fairly simple process. But it does take a little bit of confidence. And I think there is a there is a starting point that says let’s start with where we are now just record the meetings and then work our way along, what I call sort of a a spectrum, to where you’re comfortable enough to go, I don’t need to produce the paper anymore. Or if you do want to produce the paper, let’s give the clients what they actually want on paper, which might be a financial plan, rather than a statement of advice. And you can just design a two or three page. These are the strategies, these are the outcomes you’re gonna receive if you do these things, and these are the products we’ve selected off the back of it.

James Wrigley
That’s a bit we’re way away on it we’re grappling with, right? And cow is this. What is it that I’m delivering to the to the client. So there’s the there’s the agenda that you’ve put together and it’s got the different points that we need to hit on. So what we’re trying to build up for in this 1516 advisors here, so it’s not just one person, we’re trying to build something that’s repeatable by everyone. And that you know, that that we can kind of keep everyone saying the same thing. meaning that this that they’re saying the right thing. What we’re trying to deal with at the moment, I’m interested in your feedback on it is, we’ve gone down the route of trying to put the different elements that you’re referring to that you’re kind of pulling into that conversation, where our first iteration of this is that we’re trying to put all of that in a slide deck. So that, you know, we’re starting with your 1520 slides or whatever it is that you’ve caught in terms of the points that we should be hitting on. But then when adding into their a flowchart and a statement of their current position and a cost comparison table, and at this thing, you know, that you’re going to put in a projection. So rather than me chopping and changing different things that I’m sharing on the screen with the client to be recording, that it’s all in the one place. The first variant version of this that we’re that we’ve gotten to we’re just looking at it, it’s like, it looks from the outset, it almost looks like a statement of advice. And are we actually achieving anything by doing it that way? How there’s a few people that are doing and how to help people that are doing it, that’s working really well,

Fraser Jack
it, you know, what that and that is a very, very common approach to this, because we have spent 20 years since Financial Service Reform came in and doing these same thing, this way, we prepare the repair that we prepare the advice, we then take that snapshot of the advice and we stick it into a document or a PowerPoint or whatever it might be. And then we present that to the client. And that’s a really hard habit to break. Yeah. And it does take a little bit. And look, it could just be a great little stepping stone for what you might get to the other end. And, and when I say stepping stone as someone like yourself, I know you’re going to pick this up really fast and be able to run with it. But when you bring in 20 advisors through a cohort, then you’re all going to move as slow as the slowest person, right? And so that’s the idea. So So yes, I get I get what you’re saying. Power planning has been an interesting conversation in this statement advice for quite a while, you still need to do the research, you still need to do the strategy work, you still need to understand what’s going to be the best interest of the client and put that put that, you know, what order are we doing everything in, you know, what’s the, you know, all that stuff really important? What’s going to achieve the best outcome for the client? Great. But then at that point, if you set those scenarios up in your software, and you’re comfortable with moving between screens, you know, from a your agenda to your software today, then you don’t need to worry about customizing each PowerPoint presentation for each client. And that’s when the savings of time really kicks in. Because there’s probably not a great deal of time saving between paper to PowerPoint. But it’s that next step, once the times haven’t kicked. But if you don’t, if you’re not comfortable from going from point A all the way the point D, then you do have to go B C, D, and go along the journey that way. So yeah, you definitely the benefit would be in the the skill and confidence of the advice team. But not so much the time savings, and then the later on the time savings would kick in.

James Wrigley
Yeah, and you’ve you’ve mentioned time savings that we’ve worked for disabled, me the advisor, I still need to have these meetings with my client to get to this point where I know and understand them. And we would have sent them a fact find they get a piece of paper, but getting them to sign. But you know, we’ve had these series of meetings take to get to understand that I still need to do all of that. We still need to do all of the research around the existing super funds and insurance policies and all of this comparisons and everything that we’ve had to do now all of that still needs to happen. The bit that we’re hoping there’ll be the time saving and our businesses is the turning around of what we used to know as a written statement of advice where that might take one of our power planners all day to do the modeling and then generate the advice and tailor the advice document and all the rest of it that that ideally that we can get that part of the process down to one or two hours. So instead of the power planner doing one a day, they might be able to do three advice. requests a day. But yeah, maybe it’s we need to look at this, that they’re actually doing the modeling. They’re doing the projections, they’re loading up scenarios, and then they say, Hey, James, I’ve done it. There you go. And I use the agenda, plus the scenarios that are loaded into where we use x plan and the scenarios that are loaded into x plan to deliver my advice that way.

Fraser Jack
Yeah, absolutely. And I think another saving could be in the content a lot. A lot of advisors currently, and often do strategy meetings, right? So you go the fact bind, you’ll present a couple of strategy ideas to the client, get them across the financial literacy piece of it to say you know this You understand how this works, we’ll do that. We’ll come back to you on looking at the products. But the strategy would be this isn’t this and they go, Yep, I get that. Now understand. And so you’re building, you’re kind of building that with the client, whilst the the advice is being produced. And so that also allows advisors to be confident that the document of advice is going to be as accurate as possible to the what the client is going to say yes to at the other end, right. And so what I think this process does is allows you to record the the initial meeting, and then in the SOA meeting, you can cover off on those strategy conversations and the advice because you’re not actually locking in the advice into a document as such, you actually still got the the fluid nature of a client to say, oh, you know, that’s not quite right, my income actually changed last week, or I got a bonus or something’s coming in. Or they can say something else on what you can get to the product point. And they can go Yeah, we don’t like that product brand. Can we have a different brand, because our friends use that brand. And you know, they don’t like it. And with it. Now we don’t like it or something out of the blue like that you go I can It was interesting. But you can chop and change, not necessarily the strategy outcomes, but you can chop and change some of the things along the way. So if something’s something minor changes inside the conversation in let’s say, they go, Oh, can we now change that? Because we now want to do this other thing as well, you go, okay, great, and you can change it on the go. So I liken it to like be baking a cake with a client sitting in front of you. And if they turn around and go, Oh, no, we’re dairy free, you haven’t already baked the cake, and then have to re bake the cake. So you don’t have to reproduce the SOA, if there’s any minor changes along the way, you actually just add that into the conversation.

James Wrigley
Yeah, and so and so that’s a that’s an uplifting the confidence of advisors to be able to use these different tools live with a with a with a client. Because it you know, he was talking to someone else here earlier about an insurance product insurance products, probably the easiest thing to deal with that if you’ve recommended a particular product, but there’s a certain sum insured, you can very easily go into that. That providers website, adjust the sum insured, been oppressed, calculate, there’s a new premium and the client goes Yeah, happy days and move on. There’ll be some other bigger changes that, that, that for paraplanner. That’s in the modeling all day, every day. Oh, yeah, that’s easy. Click, click, click, click, click click, spits out, spits it out. But for someone like me that isn’t in that every day, there’s a bit of an education piece to, to get to that.

Fraser Jack
Yeah, absolutely. If you’re, if you’re not confident with it, because you’ve probably already already competent, but if you’re not competent or confident with the technology, that can that can be a stumbling block. But I mean, the end of the day, I think for you know, spending a couple of hours working your way through the software and getting some lessons around it. For to be able to, to get some training on that software to become competent with it, it might take you a few hours. But I would dare say that’s probably a lot of extra time saving that you could make up in over the long haul. And, and in some of the, you know, some of the objections, of course, have been, you know, time and cost of storage and these sorts of things. And I just, I asked people to say, Well, what, you know, what could you save in a percentage term, if you weren’t doing the open documents? And your you know, your I think we went around the room in the in the meeting that you were in, we talked about what percentage of everybody’s time did they think or was the the plan production piece was spent on that research and working out the strategy, and what percentage is is spent on the actual creating of the advice document itself. And if you could save that, you know, that second piece would have been, you know, that varied from you know, 4060 to 6040, and backwards and forth. But the team, even itself out about half the cost of the post production is producing the paper document.

James Wrigley
And I suppose there’s also a, there’s an opportunity to, to bring other people into those advice, presentation meetings, or those that advice meeting as much as it might be James, the advisors delivering the advice. There’s nothing stopping me having someone from our planning team that has eight years prior planning experience that knows the modeling thing in and out, because they’re not spending all day generating one advice document, they might be loading up some some scenarios, they could come along to that meeting with me and I might actually make their job more interesting for the maybe they’ve got aspiration to become an advisor or something. And that’s a stepping stone in their own career journey. That Hey, I’m not the one that’s under the pressure to or have to remember where do I update this thing so that I can get the projection, right. Someone that’s doing a day in day out can come into that meeting, and it won’t actually make their job more interesting for them, because it’s some aspiration that they have on their career. You 72

Fraser Jack
Yeah, absolutely. I mean, everybody loves seeing the great client outcomes, right? And so whether you’re an advisor, or whether you’re a patent planner, or an associate advisor or an admin Sup, everybody loves to see that the clients can Oh, wow, that’s amazing. You know, like, that’s the, that’s the glory piece, right. And so the advisors that tend to get that, but the rest of the team don’t tend to see the clients face light up when they see those results. And so you’re absolutely right, you know, they can, you know, those those team members, they could be associated be every every associate financial advisor in the country, or, or people doing the gap year, I bet you they know how to use the software, click, and I bet you they know, are they really? If they don’t they really want to learn it. So. So yeah, definitely. And, and then seeing what the outcomes were for what they you know, what the client is, then seeing what the, what the goals are the clients what the next steps are to, if they’re doing admin, then seeing that, you know, after this, we need to do blah, blah, blah. I think that’s a really good opportunity for them as well.

James Wrigley
Yep. So maybe the the last part of the whole thing is that what do I actually need in terms of technology? We’re, you know, we’re recording a podcast here using a, using a particular provider, but But what do I What would I need in terms of technology to start to be able to do this in my business?

Fraser Jack
Yeah, so. So hardware and software, and depending on whether you’re doing online meeting, or an in Office meeting, obviously, when we’re talking about software, I would suggest people start with what they know, if they use teams use teams, if they if they if they use Zoom, use Zoom. I think, you know, it’s recording to your computer. And there’s, there’s some people aren’t really sure about where the the, when they do start recording these meetings, where does the file go? How does it save all these sorts of things. So there’s a little bit of upskilling involved in that. But if you and if you’re doing an in person meeting, then you need some hardware as well around the inside that, say, the boardroom or the office or the meeting room, in respect of a microphone, so you can pick up the sound and the video, webcam, you know, to easily external webcam. But most most, you know, offices will be set up that way with a webcam, on top of the TV inside a boardroom or whatever it might be. And so if you’ve got that facilities, then great. If you don’t, then I would say you probably should invest in those things anyway. And even if you’re just doing online meetings, you probably should invest in a, you know, a couple $100 and a microphone that’s nice and clear to talk to people. Obviously, you know, laptop microphones are getting better and better, but doesn’t doesn’t hurt to have a decent mic or, you know, a decent webcam and to lighting on your face. If you’re doing those online meetings anyway, it’s that, you know, that’s a great investment. I think, whether you’re doing video essays or not, if you’re doing online meetings, so I think there’s not too much additional hardware and software required than what you already have to be paid.

James Wrigley
Get the sharing of the video file with the client, but that how, so that you know that I guess, one those video files can be can be quite large. And if you’re recording all of these videos, so in terms of storage in within your own system, you’re gonna need a fair bit of storage to cover off on that it’s not terribly expensive, but you but you’re going to need you’re gonna need a fair bit. How? How are people sharing that video, you know, so there’s hosting it like YouTube, Vimeo, these kind of things, you can use one of these providers to upload the video and hosted and then they can view it on their side. Do you think that’s a good idea? Or is there some better way of getting the video to the client?

Fraser Jack
Yeah, a little bit of both. So you’ve got two issues with video files. And similarly, you’ve got the same issues with document files. Well, it’s just the document files aren’t as big. The first one is security. And that is, you know, how do you send it in a secure format. And that’s the same whether it’s a paper file a, you know, a PDF document, or a video file. So you know, how do you send it to the client deliver it to the client, I guess, the best way I think is for a shared a SharePoint or a client portal or a shared drive in some way. So you can say here is the here is the link, you can download the link and might be a password on it, download the file and store it back in your device. And then you keep a copy in your vault at work in your x plane or in your chair drive or both ship one or both and, and the client keeps a copy on their computer and I always suggest from security reasons you don’t keep a copy in your email because if somebody gets into your email then that’s a problem. And it will also fill their email box up storage up. But the next one is that is around that storage and at size and yes, the files are larger. And so you might need to get an extra terabyte or a couple of terabytes and spend the cost of what you would spend one statement of advice production a year on a whole lot of more storage. And so and so that’s the other part of it. So the size of the file, I don’t think it’s too much of a problem to be feared storage is getting cheaper and cheaper and cheaper as the years go by more and more terabytes are available. And so yeah, I’d say that the client store and the same same as you would, if I send it, you know, posted your statement of advice document, you take it out your mailbox, you take it inside, and you put it in your filing cabinet. Use that same methodology, when you’re sharing personal identifiable information with a client, which has taken advice tends to tend to be

James Wrigley
perfect. Alright. Do you think there’s anything on the video SOA process we haven’t touched on?

Fraser Jack
No, I think at the end of the day, I think it’s quite simple. But it does just have those few moving parts, you know, there’s the gender you stick to the agenda, cover the points that are required in the legislation, we will know what they are already. I think one of the interesting things that I heard in one of the sessions actually, in one of the Melbourne sessions was the concept around from a from a lawyer that does a lot of work with IT compliance and legal. Who said it, advisors are very, very good at explaining their advice to the clients. They’re very bad at writing the advice to the close. So why would you do what you’re really bad at? Why don’t you just do what you’re really good at and explain it to the client? So yeah, I love that. I love that too.

James Wrigley
Yep. Fantastic. So if anyone wants any more info, this is a is this agenda that we keep mentioning? Like I’ve got a copy because I went along to the to the event, is that is that available anyways at FPA members, is that on there?

Fraser Jack
Yeah, so members can go to the their portal and there’s a there’s an arrow there called soap box is a piece save another dose advice production box soapbox videos, box set of videos are on there of us talking through a lot of the stuff and the agendas on there as well, which is to help, which is a PowerPoint slide of all the points that you probably should hit in the statement of advice. And the other thing is there’s a lot of the tech providers are getting ready to put some videos together at the moment to put out in another box, so that the tech providers that you will know and love and the names that you’ll be familiar with are all putting some examples together of how they would operate in the video SOA world for the for the next iteration of the of the box set. So true. So that’s covered. And if anyone you

James Wrigley
know wants to reach out to you, where can people find you?

Fraser Jack
I would say LinkedIn the probably the best thing or my cyber collective website, the cyber collective. But that LinkedIn Fraser Jack, you should be able to send me a message and reach out if you’ve got any questions or want to know more.

James Wrigley
Perfect. Thanks for joining me today.

Fraser Jack
Thank you. Thank you, James. And I look forward to following your journey through this process too. And bringing your business along with the journey and one of the great things I loved about when you came along to the workshop is you brought your compliance team with you to the workshop. So you were just like these guys they already know I already know what this is about. These guys need to hear it. Let’s go. And so

James Wrigley
when we went around the room was like what are you trying to get over? So I’m trying to work out how could do this yesterday. It’s a little bit more than what do we need to do yesterday, but we’ll we’ll get there. Yeah, when we started

Fraser Jack
looking for defining following your journey and say hey, go with it. Yep.

James Wrigley
Perfect. Thanks. Thanks again. chat soon. Thanks. See ya